UC San Diego or UC Santa Barbara for Investment Banker/ HF

Neither, go to community college, and Transfer to UCLA. There you would have opportunities for Investment Banking and Consulting on the West Coast.

Neither of these schools are good for banking. You should try to transfer to Stanford, UCLA, USC or UCB if you want banking and wish to be on the west coast. That said, UCSB has a group called the finance connnection which sends a few people a year to BBs, MMs and EBs. They have a website- check it out. If I was picking between these two I would choose UCSB. Difference in recruiting/IB opportunities is negligible and UCSB has a better social scene, has its own college town(Isla Vista), and has a relaxed, chill vibe that can only be described when you go to the campus and/or IV. Everyone is biking around like they're in no rush, the weather is great and the chicks are hot. If you go to UCSB, make sure to hit up Freebirds, Woodstocks and IV Deli Mart for some drunk food.

I'm from CA and will tell you that both of these schools are pretty much a miss in terms of investment banking. HFs are also out of the question since banks and funds will easily take Berkeley and Stanford kids over you (nothing wrong with UCSD and UCSB, they're both great schools, just not for banking). I think even Claremont McKenna and USC will give you a better shot or UCLA.

If you have to choose between UCSD and UCSB I'd choose UCSD because there are more opportunities near the campus, there is actually a recognizable business school and the majors there are more applicable. Not to mention, overall it's regarded as a better school.